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Cramer's 'Mad Money' Recap: A Resurgent Bank of America (Final)

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With all of today's headlines circulating around Bank Of America (BAC - Get Report), a stock which Cramer owns for his charitable trust, Action Alerts PLUS , Jim Cramer told the viewers of his "Mad Money" TV show Thursday that only one matters.

And that's the one about today's upgrade of the stock by Morgan Stanley.

Cramer said everything surrounding CEO Ken Lewis and the acquisition of Merrill Lynch is water under the bridge, with no bearing on the stock's future performance.
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The Morgan Stanley upgrade, however, means everything because it says the estimates for Bank Of America are too low, he said, adding Wall Street is starting to take notice as a result.

According to Cramer, BofA's business is improving rapidly, with interest rate margins between deposits and loans at record highs. In addition, he said the company's brokerage business is on fire, with strength from both retail and investment banking.

Given this strength, it will only be a matter of time before BofA will repay its TARP money and becoming an incredible earnings powerhouse, he said.

Sooner or later, he said, the bears will admit defeat and upgrade the company as Morgan Stanley did.

Cramer said given the strength in BofA's earnings, he sees shares surging to as high as $20 a share. "Focus on the numbers, not the hearings," he told viewers.
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